The Nifty future closed positively with gains of 0.57% at 24,306 levels on Wednesday. India VIX rose nearly 5% to close at 15.96 in the previous session.
On the options front, the maximum Call OI is placed at 24,300 and then towards 24,500 strikes while the maximum Put OI is placed at 24000 and then towards 24,200 strikes.
Call writing is seen at 24,300 and then towards 24,350 strikes, while Put writing is seen at 24,200 and then towards 24,300 strikes.
“Options data suggests a broader trading range in between 23,800 to 24,700 zones while an immediate range between 24,100 to 24,500 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied candle on the daily frame on Wednesday with longer lower shadow and has been making higher lows from the last nine trading sessions,” he said.“Now the index has to hold above 24,250 zones for an up move towards 24,500 then 24650 levels while support can be seen at 24,200 and then 24,100 levels,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
IRFC: Buy| Target Rs 157| Stop Loss Rs 128
Torrent Pharma Ltd: Buy| Target Rs 3650| Stop Loss Rs 3230
CDSL Ltd: Buy| Target Rs 1560| Stop Loss Rs 1295
Expert: Kunal Bothra, Market Expert told ETNow
CDSL Ltd: Buy| Target Rs 1440| Stop Loss Rs 1340
Bharat Forge Ltd: Buy| Target Rs 1160| Stop Loss Rs 1115
Delhivery Ltd: Buy| Target Rs 320| Stop Loss Rs 290
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
